Article summary
The International Swaps and Derivatives Association (ISDA) has responded to the European Securities and Markets Authority (ESMA)’s consultation on adapting the derivatives clearing obligation (CO) and derivatives trading obligation (DTO) in view of the on-going interest rate benchmark reform. ISDA members were overall supportive of this consultation, acknowledging the benefits of central clearing, stating that introducing a CO ‘could be a helpful tool for avoiding liquidity fragmentation’.
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